ONGC declares results for FY’21; posts net profit of Rs 11,246 crore for FY’21

Sarkaritel
By Sarkaritel June 24, 2021 20:27

ONGC declares results for FY’21; posts net profit of Rs 11,246 crore for FY’21


New Delhi | 24th June, 2021

Highlights:

  • Gross Revenue ofRs.68,141crore in FY’21
  • Final dividend of 37% taking total dividend in FY’21 to 72%
  • 10discoveries in FY’21 

In its339thBoard Meeting held on 24thJune, 2021, ONGC presented the annual results for FY’21.

  1. Financial Performance
Particulars Q4FY’21 Q4FY’20 % Var FY’21 FY’20 % Var
Gross Revenue (Rs. Crore) 21,189 21,456 (1.2) 68,141 96,214 (29.2)
Profit/(loss) Before Tax (PBT)

(Rs. Crore)

8,928 (4,008) 322.8 16,403 20,388 (19.5)
Profit/(loss) After Tax (PAT)

(Rs. Crore)

6,734 (3,214) 309.5 11,246 13,464 (16.5)
Crude Oil Price-Nominated
Net Realization (US$/bbl) 58.05 49.01 18.4 42.78 58.61 (27.0)
Net Realization (Rs./bbl) 4,231 3,546 19.3 3,174 4,154 (23.6)
Crude Oil Price-JV
Realization (US$/bbl) 59.16 49.39 19.8 43.87 59.33 (26.1)
Realization (Rs./bbl) 4,312 3,574 20.6 3,255 4,205 (22.6)
Gas Price
Price on GCV basis ($/mmbtu) 1.79 3.23 (44.6) 2.09 3.46 (39.6)

 

  1. Dividend pay out

ONGC Board has recommended final dividend of 37% (Rs. 1.85 per share). The Company had earlier declared interim dividend of 35% (Rs.1.75 per share) during the year; thus the total dividend for FY’21 has been 72% (Rs.3.60 per share). The total dividend payout for FY’21 would be Rs. 4,529 crore. 

  1. Production Performance
Particulars Q4FY’21 Q4FY’20 % Var FY’21 FY’20 % Var
Crude Oil–ONGC (MMT) 4.752 4.935 -3.7% 19.172 19.330 -0.8%
Crude Oil–JVs (MMT) 0.552 0.555 -0.5% 2.260 2.639 -14.4%
Condensate (MMT) 0.247 0.328 -24.7% 1.102 1.383 -20.3%
Total Crude Oil (MMT) 5.551 5.819 -4.6% 22.533 23.353 -3.5%
Gas – ONGC (BCM) 5.385 5.862 -8.1% 22.096 23.853 -7.4%
Gas – JVs (BCM) 0.199 0.178 11.8% 0.720 1.042 -30.9%
Total Gas (BCM) 5.583 6.040 -7.6% 22.816 24.896 -8.4%
Value Added Products (KT) 764 879 -13.1% 3120 3548 -12.1%

 

Despite country wide lock-down due to COVID-19 pandemic, ONGC has almost reached last year’s production levels in case of Crude oil from its operated blocks. The shortfall in Natural Gas production is primarily due to less offtake by customers due to COVID-19 pandemic. This has resulted in production shortfall of Condensate and Value Added Products (VAP) as well. 

  1. Exploration Performance:

ONGC has declared total 10 discoveries (3 in onland, 7 in offshore) during FY 2020-21 in its operated acreages. Out of these, 6 are prospects (1 in onland, 5 in offshore) and 4 are pools (2 in onland, 2 in offshore).

With the monetization of Ashoknagar-1 discovery, the Bengal basin became the eighth sedimentary basin of India from which hydrocarbon has commercially been produced. This has resulted in up-gradation of Bengal basin to Category-I basin as per the new three tier category -classification of sedimentary basins of India.

 

(a)The details of latest two prospect discoveries notified since the last press release in this regard on 13th February 2021 are as under:

  • Exploratory well GK-28-14 was drilled in GK-28 Nomination Block in Kutch Offshore. On testing, flowed Gas @ 80,206 m3/d, Condensate @ 06 BPD

(API- 53.10°) from Late Jurassic, Jhuran formation. The discovery in GK-28-14 will aid in both exploratory stepping out and improving monetization economics.

  • Exploratory well WO-5-13 was drilled in BOFF PML (7 Year) block in Mumbai Offshore Basin. On testing, flowed oil and gas from two intervals in Lower Bassein Formation viz. (i) Oil @ 1019 bbl/day and gas @ 1,18,598 m3/day and (ii) Oil @ 806 bbl/day and gas @ 2, 06, 258 m3/day. This lead has established new hydrocarbon find towards south of main Mumbai High Field and opened up area for further exploration.

 

  1. Reserve Accretion (Estimated Ultimate Recovery:EUR,2P): FY’21
(in MMToe)
ONGC operated domestic areas 50.31
Domestic JVs 0.86
Total Domestic 51.17
ONGC Videsh’s Share in Foreign Assets 9.77
ONGC Group 60.94
  1. Reserve Replacement Ratio (RRR) of ONGC-Operated Domestic Areas

Reserve Replacement Ratio (2P) from domestic fields (excluding JV share) was 1.19. With this, ONGC has achieved Reserve Replacement Ratio (2P) of more than one for the 15th consecutive year.

  1. Consolidated Financial Results
1. Consolidated TurnoverRs. 3,60,572 Crore in FY’21 as against Rs.4,24,961 Crore in FY’20
2. Consolidated Group Net Profit (PAT) Rs.21,343 Crore in FY’21 as againstRs.11,456 Crore in FY’20
Sarkaritel
By Sarkaritel June 24, 2021 20:27

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